By: Marc Morial
President and CEO
National Urban League
9/24/2008 – "The financial plan and bailout proposed by Treasury Secretary Henry Paulson needs major changes before Congress considers it.
How this plan is ultimately structured will determine whether this is a true Wall Street rescue plan or an irresponsible bailout. This plan will ultimately determine whether the executives on Wall Street or the American people on Main Street are the primary beneficiaries. The National Urban League urges that the proposed plan includes protection for homeowners facing foreclosure and financial returns back to the public in exchange for bailing out the companies that have caused this crisis.
We strongly believe that it must include assistance for homeowners facing foreclosure and neighborhoods needing stabilization, particularly minority communities that have been disproportionately affected by predatory lenders and unscrupulous and unregulated mortgage brokers.
From our view, the current plan is a blank one-way check by us and our children to the Wall Street executives and shareholders who pushed millions of families into high priced loans. Congress must make major modifications to this plan before it merits public support."
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